Cargill yesterday (12 April) reported net earnings of US$370m for the third quarter to 28 February, up from $366 for the same period of the previous year.
In the first nine months, Cargill’s net earnings were $1.37bn, all of which came from continuing operations, an increase of 7% from $1.27bn for the first nine months of last year, excluding the one-time non-cash net gain related to the formation of The Mosaic Company.
“Cargill delivered a solid third quarter, which kept the company’s nine-month results ahead of last year’s record earnings pace,” said Warren Staley, Cargill chairman and chief executive officer.
Cargill operates food, agriculture and risk management businesses. The company said that earnings growth came from three of its five segments – risk management and financial, origination and processing, and food ingredients and applications.
Staley said Cargill was especially pleased to complete the purchase of Degussa’s food ingredients operations. “Acquiring Degussa’s food ingredients operations was a cornerstone investment in our strategy to become a leading provider of specialty ingredients that help our food customers respond to consumers’ preferences for flavourful, nutritious and convenient food products.” The acquisition was completed 5 April.